European Union to import more LNG from US

US President Donald Trump meets with European Commission President Jean Claude Juncker

President Donald Trump and European Union leaders announced they've agreed to work toward "zero tariffs" and "zero subsidies" on a wide range of non-automobile goods.

Trump concluded the press conference Wednesday by saying, "This was a very big day for free and fair trade". It has also teed up tariffs on an additional $16 billion worth of Chinese goods to dampen China's ambition to dominate important new technologies.

In addition, Trump's threat to impose tariffs on European cars was put aside, and the EU planned to buy more US liquefied natural gas (LNG) and soybeans.

The two sides have agreed to eliminate tariffs on industrial goods with Trump claiming the European Union will begin buying "a lot of" U.S. soya beans, although there was no mention of an agreement on auto tariffs.

Treasury Secretary Steven Mnuchin said Thursday addressing steel and aluminum tariffs and counter tariffs would be covered in the first phase of talks between the US and the EU.

Republicans also have raised concerns about President Trump's trade strategy.

Trump campaigned on a vow to get tough on trading partners he accuses of taking advantage of bad trade deals to run up huge trade surpluses with the U.S.

We met today in Washington, launch a new phase in the relationship between the United States and the European Union - a phase of close friendship, of strong trade relations in which both of us will win, of working better together for global security and prosperity, and of fighting jointly against terrorism.

GDP grew at 4.1% last quarter
If growth continues at 3.0 percent the next two quarters, then real GDP growth will indeed make it to 3.1% for all of 2018. And economic growth topped 4 percent for three full years from 1998 through 2000, an annual rate it hasn't touched since.

But exporting LNG is an expensive business and likely will not be a big part of European energy anytime soon, experts said Thursday.

The EU is stepping in to ease some of US farmers' pain.

Still, this is a positive development, because a negotiated mutual opening of markets would benefit the US economy, if indeed Mr. Trump's team can make it happen; because it avoids a worsening of global tensions; and, last but not least, because Mr. Trump did, however reluctantly, resist his worst instincts.

The trade relationship between the United States and Europe is improving, German Agriculture Minister Julia Klöckner said on Saturday (28 July), but there is no guarantee the bloc will buy the quantity of soybeans that Washington expects.

The 63-year-old head of the powerful European Union's executive arm last week played down the incident at a Brussels dinner with 29 North Atlantic Treaty Organisation leaders, blaming his unsteady movements on sciatica.

In the eyes of Bystron, Trump is more a businessman than a politician and his administration's trade policy is consistent with America's traditional cowboy style.

"I think everybody sort of changed what they were going to say", said Sen.

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